By the end of the month, CoinFLEX, the cryptocurrency derivatives exchange, will launch futures contracts that will be paid based on the likelihood of Libra cryptocurrency being launched. According to Bloomberg, the first open auction is going to be held on October 24.
IFO and Libra
With futures, traders will start betting on whether or not Libra will launch by December 30, 2020. Contributors will either see all their investments pay off if Facebook's cryptocurrency is launched by the due date next year or lose money altogether.
CoinFLEX CEO Mark Lamb has announced that the initial price of Libra futures will be $0.3. He also said that this price was determined taking into account the 30% probability that the Libra project would start operating within the specified period.
For CoinFLEX, this is not the first bidding practice involving a tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details that has not yet been released to the crypto market. In July this year, the exchange launched IFO for the Polkadot startup. CoinFLEX also issues futures contracts based on terms of physical calculations with Bitcoin, Bitcoin Cash, and Ethereum.
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